Shopify surges on strong Q3 revenue outlook

Shopify shares rose 22% on Wednesday after the e-commerce giant posted second-quarter results.

Revenue (in USD) leapt 31% to $2.68 billion, ahead of the $2.55 billion estimate from analysts polled by FactSet. Gross merchandise volume came in at $87.8 billion, also ahead of the Street’s estimate of $81.6 billion. The company didn’t post per-share earnings figures in its release.

Investors appear to be most optimistic about the company’s estimates for the current quarter. Shopify expects revenue to grow at a mid- to high 20s percentage rate on a year-over-year basis. Analysts forecast revenue growth of about 20.3%

Prior to the report, Shopify shares were up 15.5% year to date.

UPDATE (August 7,th 9am ET): An earlier version of this story said that the company missed estimates, this was incorrect. The wrong figures for consensus estimates for revenue and gross merchandise volume have both been corrected to $2.55 billion and $81.6 billion, respectively.